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Russia Seeks to Triple its Share in Global LNG Market

Russia aims to increase its share in the global liquified natural gas (LNG) market to almost 20 percent within 15 years, Prime Minister Dmitry Medvedev said Thursday according to local media.

Speaking at a government meeting in Moscow, Medvedev said that Russia should develop an effective export strategy in the field of LNG supplies amid tough competition in the global market, TASS reported. "Qatar, Australia, Malaysia and a number of other countries are actively working, let alone the U.S. with its aggressive and sometimes breaking-all-the-rules strategy to promote its gas to the European market," the prime minister said.

"Therefore, the situation requires maximum attention and decisive actions from us," he added. The share of Russia in the LNG market is about 6 percent, and in the next 15 years or more, it should grow to 17-20 percent, according to Medvedev.

Back in September, the head of Department of Oil and Gas Production and Transportation at the Russian Energy Ministry, Alexander Gladkov, said that Russia could increase production of LNG to 83 million tons by 2035 from the current 21 million tons.

According to the country's official figures, Russia's LNG exports increased by 72.5 percent to 26.9 million cubic meters within the first eight months of the year, with revenues hitting $3.7 billion.

(Anadolu Agency)

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